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North East to support 300 start-ups

Extra funding has allowed a young entrepreneur support scheme in the North East to continue operating.

Prince’s Trust North East has secured an investment of £383,000 from the European Regional Development Fund, in addition to receiving £200,000 from regional development agency One North East. It is expected that the money will help to get 300 new startups off the ground.

The finance will allow the charity to continue its £1.3 million Enterprising Young People scheme, which works to help aspiring entrepreneurs, especially those from disadvantaged areas, to form their own start-ups.

David Beavis, Prince’s Trust North East Regional Director, said: “Our main objective is to help young people develop an entrepreneurial culture and raise aspirations for self-employment.”

He also revealed that those who enter the scheme would receive an individual mentor to help them develop their firm through its early years.

Mr Beavis pointed out that the initiative helps young entrepreneurs who could face limited access to finance through commercial lenders because of their lack of experience and confidence.

This was posted in Bdaily's Members' News section by Ruth Mitchell .